BP to reduce consumption on a net zero venture as it is re -focused on oil and gas

British Energy Company BP confirmed on Wednesday that it will reduce the consumption of Green Ventures and increase oil and gas production, which is a change in the direction that she hopes to increase the price of the shares, but has welcomed incredible from climate action.

In a statement entitled “Re -BP”, the company said it would reduce the consumption on its net zero transition plans by about $ 5 billion a year.

Future consumption will be significantly lower, totaling between $ 1.5 billion and $ 2 billion a year.

On the contrary, the BP said he would increase investments in oil and gas production by about $ 20% to $ 10 billion.

Executive director Murray Auchincloss said the company focuses its consumption on BP’s “Most Return Companies” and will be “very selective” in its renewable sources investments.

“This is a BP reset, with an unwavering focus on the growing long-term value of the shareholder,” he said.

The strategy is a withdrawal from a long -term company plan five years ago, under the then executive director Bernard Looney, to reduce oil and gas production in favor of net zero companies.

Auchincloss told investors after the publication of the update that the company of a company in green energy transition was “wrong” and that in recent years the company has left “too far, too fast”. Demand for oil and gas, he added, “it is necessary for decades to come.”

However, he said that renewable sources still represent a “significant opportunity” and confirmed that the company still wants to fill in the net zero carbon show by 2050.

“Global carbon emissions should be reduced, and as well as looking for more energy, countries, companies and customers, they are looking for lower carbon products and services to support their decarbonisation goals,” he said.

The update is obviously aimed at strengthening the support of investors in the light of the company’s share price.

Until now, the update does not complain to investors, and the price of the company has dropped by 1.4% on Wednesday on Wednesday.

However, the withdrawal may represent a certain realization of profit by investors after the rally of recent weeks of guessing that the company will soon change.

Company shares in accordance with peers in recent years such as Shell, ExxonMobil and Chevron, it has speculated on the market that the BP can move its list of stakes to New York from London or even make it a goal.

An influential American Hedge Fund Elliott Management recently took almost 5% of BP stakes, and it is believed to have sought to push BP back to fossil fuels to increase profit.

Auchincloss has already been going on BP’s business at sea in a joint investment, while he wants to wash his mainland. The group also reduced the cost of dealing with strict trading. He recently announced that he would reduce more than 5% of his workforce.

Changing the BP strategy is facing sharp criticism of the environmental campaign, which preceded the insistence of the company that the future is green.

“This move of the BP oil giant clearly shows why super-rich corporations and individuals, chasing short-term profit for themselves and shareholders, cannot be believed to repair the climate crisis or the renewable transition to take so bad,” said Matilda Borgström, British Campaign in the 3500org Climen Action.

“Pumping of money in multiple oil and gas increases the risk of climatic influences on all of us, flying in front of legal climates, and with a renewable energy sector, it is exponentially a big risk for shareholders that BP wants to please so much,” she added.

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